![\"IMG_256\"](\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-1.png\")
<\/p>\nKhi cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) v\u00e0o ng\u00e0y 16-17 th\u00e1ng 9 \u0111ang \u0111\u1ebfn g\u1ea7n, k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111ang ng\u00e0y c\u00e0ng r\u00f5 r\u00e0ng. \"R\u1ee7i ro l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7\" \u0111\u00e3 \u0111eo b\u00e1m Fed trong nhi\u1ec1u th\u00e1ng qua \u0111ang d\u1ea7n tan bi\u1ebfn nh\u1edd t\u00e1c \u0111\u1ed9ng t\u1ed5ng h\u1ee3p c\u1ee7a d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m y\u1ebfu k\u00e9m g\u1ea7n \u0111\u00e2y v\u00e0 \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t \u0111ang gi\u1ea3m b\u1edbt, v\u00e0 cu\u1ed9c tranh lu\u1eadn n\u1ed9i b\u1ed9 gi\u1eefa c\u00e1c quan ch\u1ee9c v\u1ec1 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd k\u1ebft th\u00fac. T\u1eeb c\u00e1c d\u1ef1 b\u00e1o c\u1ee7a t\u1ed5 ch\u1ee9c \u0111\u1ebfn l\u1eadp tr\u01b0\u1eddng c\u1ee7a Fed, m\u1ed9t s\u1ef1 chuy\u1ec3n d\u1ecbch ch\u00ednh s\u00e1ch sang \"n\u1edbi l\u1ecfng th\u1eadn tr\u1ecdng\" \u0111ang \u0111\u1ebfn g\u1ea7n. Nhi\u1ec1u d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o t\u1eeb th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m v\u00e0 l\u1ea1m ph\u00e1t \u0111ang \u1edf m\u1ee9c th\u1ea5p \u0111ang c\u00f9ng nhau \u0111\u1ecbnh h\u00ecnh t\u1ed1c \u0111\u1ed9 v\u00e0 quy m\u00f4 c\u1ee7a \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t n\u00e0y.<\/p>\n
Vi\u1ec7c c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u kinh t\u1ebf chuy\u00ean s\u00e2u g\u1ea7n \u0111\u00e2y \u0111\u00e3 t\u1ea1o c\u01a1 s\u1edf c\u1ed1t l\u00f5i cho C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u2013 s\u1ef1 h\u1ea1 nhi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 k\u1ef3 v\u1ecdng, trong khi \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c truy\u1ec1n t\u1ea3i y\u1ebfu h\u01a1n d\u1ef1 ki\u1ebfn. Hai y\u1ebfu t\u1ed1 n\u00e0y c\u00f9ng nhau \u0111\u00e3 ph\u00e1 v\u1ee1 chu k\u1ef3 lo ng\u1ea1i tr\u01b0\u1edbc \u0111\u00f3 v\u1ec1 \u201cl\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7\u201d.<\/p>\n
<\/p>\n
M\u1eb7c d\u00f9 CPI th\u00e1ng 8 t\u0103ng cao h\u01a1n so v\u1edbi th\u00e1ng tr\u01b0\u1edbc, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t v\u1eabn n\u1eb1m trong t\u1ea7m ki\u1ec3m so\u00e1t. CPI l\u00f5i t\u0103ng 0,35% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc trong th\u00e1ng 8, trong khi PCE l\u00f5i, th\u01b0\u1edbc \u0111o tr\u1ecdng t\u00e2m c\u1ee7a Fed, d\u1ef1 ki\u1ebfn \u200b\u200bch\u1ec9 t\u0103ng 0,18%. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y l\u1ea1m ph\u00e1t th\u1ea5p h\u01a1n d\u1ef1 ki\u1ebfn, ph\u00f9 h\u1ee3p v\u1edbi quan \u0111i\u1ec3m c\u1ee7a Powell. M\u1eb7c d\u00f9 th\u1ecb tr\u01b0\u1eddng d\u1ef1 \u0111o\u00e1n l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 v\u01b0\u1ee3t m\u1ee5c ti\u00eau 2% c\u1ee7a Fed h\u01a1n 1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u00e0o cu\u1ed1i n\u0103m 2025, c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u0111\u00e3 th\u1eeba nh\u1eadn t\u00ednh kh\u00f4ng b\u1ec1n v\u1eefng c\u1ee7a l\u1ea1m ph\u00e1t do thu\u1ebf quan g\u00e2y ra, v\u00e0 tr\u1ecdng t\u00e2m ch\u00ednh s\u00e1ch \u0111\u00e3 d\u1ea7n chuy\u1ec3n sang b\u1ea3o v\u1ec7 vi\u1ec7c l\u00e0m.<\/p>\n
![\"IMG_256\"](\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-2.png\")
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Tr\u01b0\u1edbc nh\u1eefng thay \u0111\u1ed5i trong d\u1eef li\u1ec7u kinh t\u1ebf, c\u00e1c t\u1ed5 ch\u1ee9c th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 nhanh ch\u00f3ng \u0111i\u1ec1u ch\u1ec9nh d\u1ef1 b\u00e1o v\u1ec1 l\u1ed9 tr\u00ecnh c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed. M\u1eb7c d\u00f9 v\u1eabn c\u00f2n nhi\u1ec1u kh\u00e1c bi\u1ec7t v\u1ec1 m\u1ee9c \u0111\u1ed9 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, nh\u01b0ng quan \u0111i\u1ec3m \u201cn\u1edbi l\u1ecfng d\u1ea7n d\u1ea7n\u201d \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t s\u1ef1 \u0111\u1ed3ng thu\u1eadn.<\/p>\n
Gi\u1ecdng \u0111i\u1ec7u ch\u00ednh s\u00e1ch n\u1ed9i b\u1ed9 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u0169ng \u0111\u00e3 thay \u0111\u1ed5i v\u00e0o m\u00f9a h\u00e8 n\u00e0y, t\u1eeb \u201cch\u1ed1ng l\u1ea1m ph\u00e1t\u201d v\u00e0o \u0111\u1ea7u n\u0103m th\u00e0nh \u201cduy tr\u00ec vi\u1ec7c l\u00e0m\u201d v\u00e0o ng\u00e0y nay, nh\u01b0ng \u201cth\u1eadn tr\u1ecdng\u201d lu\u00f4n l\u00e0 nguy\u00ean t\u1eafc c\u1ed1t l\u00f5i v\u00e0 c\u0169ng c\u1ea7n ph\u1ea3i \u0111\u1ed1i ph\u00f3 v\u1edbi \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb b\u00ean ngo\u00e0i.<\/p>\n
![\"IMG_257\"](\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257.png\")
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V\u00e0o th\u00e1ng 7 n\u0103m 2025, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 c\u00f3 s\u1ef1 thay \u0111\u1ed5i gi\u1ecdng \u0111i\u1ec7u, v\u1edbi vi\u1ec7c hai th\u1ed1ng \u0111\u1ed1c tranh lu\u1eadn v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, vi\u1ec7n d\u1eabn r\u1ee7i ro vi\u1ec7c l\u00e0m. S\u1ef1 thay \u0111\u1ed5i n\u00e0y \u0111\u00e3 ph\u00e1 v\u1ee1 s\u1ef1 \u0111\u1ed3ng thu\u1eadn v\u1ec1 vi\u1ec7c duy tr\u00ec l\u00e3i su\u1ea5t v\u00e0 quay tr\u1edf l\u1ea1i ch\u00ednh s\u00e1ch c\u00e2n b\u1eb1ng. V\u1ec1 m\u1eb7t ch\u00ednh s\u00e1ch, k\u1ebf ho\u1ea1ch ban \u0111\u1ea7u l\u00e0 hai l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, m\u1ed7i l\u1ea7n 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n, v\u00e0o n\u0103m 2025. \u0110i\u1ec1u n\u00e0y l\u00e0 do s\u1ef1 ph\u1ea3n \u0111\u1ed1i c\u1ee7a b\u1ea3y quan ch\u1ee9c \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a Trump. Gi\u1edd \u0111\u00e2y, khi thu\u1ebf quan ch\u01b0a g\u00e2y ra l\u1ea1m ph\u00e1t k\u00e9o d\u00e0i, s\u1ef1 \u0111\u1ed3ng thu\u1eadn v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c.<\/p>\n
C\u00e1c quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111ang ch\u1ecbu \u00e1p l\u1ef1c t\u1eeb Nh\u00e0 Tr\u1eafng, v\u1edbi vi\u1ec7c Trump v\u1eeba y\u00eau c\u1ea7u c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u1eeba t\u00ecm c\u00e1ch ph\u00e1 ho\u1ea1i t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a Fed. C\u00e1c d\u1ef1 b\u00e1o kinh t\u1ebf \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o tu\u1ea7n t\u1edbi s\u1ebd \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 hi\u1ec7u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng. B\u1eb1ng c\u00e1ch cung c\u1ea5p nh\u1eefng d\u1ef1 b\u00e1o r\u00f5 r\u00e0ng v\u1ec1 l\u1ea1m ph\u00e1t, th\u1ea5t nghi\u1ec7p v\u00e0 l\u1ed9 tr\u00ecnh l\u00e3i su\u1ea5t, ch\u00fang s\u1ebd \u1ed5n \u0111\u1ecbnh ni\u1ec1m tin c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o t\u00ednh \u0111\u1ed9c l\u1eadp ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng do can thi\u1ec7p ch\u00ednh tr\u1ecb.<\/p>\n
![\"H\u00ecnh](\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/5.png\")
<\/p>\n
Vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 l\u00e0 m\u1ed9t k\u1ebft lu\u1eadn ch\u1eafc ch\u1eafn, v\u1edbi k\u1ecbch b\u1ea3n c\u00f3 kh\u1ea3 n\u0103ng x\u1ea3y ra cao nh\u1ea5t l\u00e0 \"\u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch\" 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n. T\u1ed1c \u0111\u1ed9 n\u1edbi l\u1ecfng ti\u1ebfp theo s\u1ebd \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi d\u1eef li\u1ec7u kinh t\u1ebf. Trong ng\u1eafn h\u1ea1n, vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t nh\u1eb1m gi\u1ea3i quy\u1ebft t\u00ecnh tr\u1ea1ng vi\u1ec7c l\u00e0m y\u1ebfu k\u00e9m v\u00e0 l\u00e0m r\u00f5 \"t\u00e1c \u0111\u1ed9ng m\u1ed9t l\u1ea7n c\u1ee7a l\u1ea1m ph\u00e1t thu\u1ebf quan\", b\u00e1o hi\u1ec7u s\u1ef1 chuy\u1ec3n d\u1ecbch tr\u1ecdng t\u00e2m ch\u00ednh s\u00e1ch t\u1eeb \"ch\u1ed1ng l\u1ea1m ph\u00e1t\" sang \"b\u1ea3o v\u1ec7 vi\u1ec7c l\u00e0m\". Trong trung h\u1ea1n, k\u1ecbch b\u1ea3n \"b\u1ed1n l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t + t\u1ea1m d\u1eebng + l\u00e3i su\u1ea5t \u0111\u1ec3 c\u00e2n b\u1eb1ng l\u1ea1m ph\u00e1t v\u00e0 vi\u1ec7c l\u00e0m\" c\u1ee7a Morgan Stanley l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn kh\u1ea3 thi. V\u1ec1 r\u1ee7i ro, t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p v\u01b0\u1ee3t qu\u00e1 4,5% c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t nhanh h\u01a1n, trong khi l\u1ea1m ph\u00e1t cao h\u01a1n d\u1ef1 ki\u1ebfn \u200b\u200bc\u00f3 th\u1ec3 khi\u1ebfn vi\u1ec7c n\u1edbi l\u1ecfng b\u1ecb \u0111\u00ecnh tr\u1ec7.<\/p>\n
Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ph\u1ea3n \u00e1nh vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t: sau CPI th\u00e1ng 8, l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 2 n\u0103m \u0111\u00e3 ch\u1ea1m m\u1ee9c th\u1ea5p th\u1ee9 ba k\u1ec3 t\u1eeb n\u0103m 2025 v\u00e0 S&P 500 \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c th\u1ee9 24 trong n\u0103m nay; tr\u1ecdng t\u00e2m ch\u00ednh c\u1ee7a cu\u1ed9c h\u1ecdp FOMC v\u00e0o tu\u1ea7n t\u1edbi, ngo\u00e0i m\u1ee9c \u0111\u1ed9 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, s\u1ebd l\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a cam k\u1ebft \"h\u1ed7 tr\u1ee3 vi\u1ec7c l\u00e0m\" trong k\u1ef3 v\u1ecdng kinh t\u1ebf, \u0111i\u1ec1u n\u00e0y s\u1ebd quy\u1ebft \u0111\u1ecbnh h\u01b0\u1edbng \u0111i c\u1ee7a kh\u1ea9u v\u1ecb r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng trong nh\u1eefng th\u00e1ng t\u1edbi.<\/p>","protected":false},"excerpt":{"rendered":"
Tr\u01b0\u1edbc cu\u1ed9c h\u1ecdp c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0o ng\u00e0y 16-17 th\u00e1ng 9, th\u1ecb tr\u01b0\u1eddng d\u1ef1 \u0111o\u00e1n l\u00e3i su\u1ea5t s\u1ebd gi\u1ea3m 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t gi\u1ea3m v\u00e0 th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m suy y\u1ebfu. C\u00e1c d\u1ef1 b\u00e1o c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c, bao g\u1ed3m c\u1ea3 Morgan Stanley, cho th\u1ea5y ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 s\u1ebd d\u1ea7n d\u1ea7n \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng.<\/p>","protected":false},"author":1,"featured_media":8076,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[131,237,236],"class_list":["post-8075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-fed","tag-inflation-trends","tag-monetary-policy-easing"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=8075"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8075\/revisions"}],"predecessor-version":[{"id":8081,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8075\/revisions\/8081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/8076"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=8075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=8075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=8075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}